Having adequate insurance cover in place for in-store events and promotions is important for mitigating risks and protecting both the business and its customers.
From launches and promotional activities to workshops and demonstrations, events can carry liabilities that require careful consideration.
- Adequate public liability insurance is paramount. This type of cover protects the business from claims arising from injury or property damage that may occur during an event. For example, if a customer slips and falls or if property is damaged, liability insurance can cover the resulting expenses, including legal fees and medical bills.
- Property insurance is essential to safeguard against damage or loss to the store’s physical assets, such as merchandise, equipment, and fixtures. In-store events may involve rearranging the layout or showcasing items, making them more susceptible to theft or accidental damage.
- Business interruption insurance is worth considering. In the event of unforeseen circumstances, such as a fire which forces the store to temporarily close, business interruption insurance can cover lost income and ongoing expenses.
Finally, it’s essential to review insurance policies regularly to ensure they match the evolving needs of the business and comply with any regulatory requirements. Adequate insurance cover not only protects the business financially but also enhances reputation by demonstrating a commitment to customer safety and responsible risk management.
By investing in comprehensive insurance cover tailored to the specific risks of in-store events, businesses can minimise potential liabilities, safeguard assets and focus on delivering a memorable customer experience without undue concern about unforeseen mishaps.
Further details on Claims Defensibility and other Risk Management issues can be found on Griffiths & Armour’s bespoke risk management platform, RMworks, a complimentary support service for all Griffiths & Armour clients.
Any questions about Public Liability Insurance or managing risk at your store?
Contact Simon Hooson, Commercial Broker, Griffiths & Armour on 0151 600 2144, or request further information here.
